Statement 10: Historical Australian Government Data (Continued)
Revisions since the 2012‑13 MYEFO
The 2013‑14 Budget includes revisions to the historical series to reflect the reclassification of prepayments from non‑financial assets (AAS treatment) to financial assets (ABS GFS treatment). The adoption of the ABS GFS treatment ensures consistency with data provided to the IMF for the International Financial Statistics database. This change only affects net financial worth for the general government sector and is now back‑cast in the historical series for all published periods.
In addition, the revision of accounting standard AASB 119 Employee Benefits requires entities to change from applying the expected return on superannuation defined benefit plan assets to the government bond rate when calculating the superannuation interest cost. This change increases the superannuation interest expense and has a negative impact on the fiscal balance for the general government sector.
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